安居才能乐业:保障房建设对企业人力资本积累的影响

Does Affordable Housing Supply Improve Companies'Human Capital Accumulation?

解决好住房问题,才能让青年人放开手脚为美好生活奋斗。为此,政府提出“加快建立多主体供给、多渠道保障、租购并举的住房制度”,各地也推出保障性安居工程改善城市年轻人、新市民的住房条件。安居才能乐业,保障房供给能否提升周边企业的人才吸引力?本文通过采集中国土地市场网有关保障房建设的20万余条数据,检验企业周边保障房供给对其人力资本积累的影响。研究发现,企业周边保障房供给量每提升1个标准差,其高学历人才占比提升9.1%。保障房建设缓解了高房价对人才的挤出效应,激励企业增加人力资本投入,从而实现人力资本积累。本文对于优化地方政府住房保障政策、助力区域经济高质量发展提供了政策启示。

This study manually collects over 200000 records of affordable housing construction in China between 2007 and 2020,and empirically tests the impact of affordable housing construction near A-share listed companies'headquarters on the firms'human capital accumulation.The findings indicate that for every one standard deviation increase in the supply of affordable housing around the headquarter,the firm's human capital increases by 9.1%;this effect remains robust after using the instrumental variables method and different fixed-effects(FE)models.The supply of affordable housing helps to mitigate the crowding-out effect of high housing prices on human talent,increasing the company's attractiveness,motivating companies to increase investment in talent training,which further improves employee job satisfaction,accumulating human capital.Heterogeneity tests show that the impact of affordable housing on corporate human capital is more significant among small companies,private companies,and cities with developed urban rail transit and low commuting pressure.This study fills the gap in empirical research on housing system reform and corporate finance,helps explore the micro-impact of national housing security policy,and provides empirical and policy implications for local governments to improve housing security policies and high-quality regional economic development.